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Medicare Supplement Insurance Plans For You

What is Medicare Supplement Insurance?

Medicare Supplement Plans, also called Medicare Supplement Insurance or Medigap, are a big help to people who have concerns about Medicare costs, and hope to cover the costs of some of the things that are not included, or covered enough, with Original Medicare Insurance Part A and Part B. Medigap insurance essentially helps people with Medicare paid less out-of-pocket, helping them save money. This type of insurance policy has to be added to a Medicare policy and is provided by private insurance companies.

Why Do You Need It? 

When seeking out supplemental insurance of this type, Medicare policyholders should know that Medigap policies are required to be identified clearly as Medicare Supplement Insurance. In most areas, up to 10 benefit options for Medigap are available. These all have letter names, which currently include letters A, B, C, D, F, G, K, L, M, and N. The letters that are skipped over represent plans that are no longer available, and there are other plans that can be offered by private companies in addition to these. A number of states, including Massachusetts, Wisconsin, and Minnesota, have basic policies that utilize different standards and therefore provide different coverage than the basic plans listed above.

How To Find Affordable Medicare Supplement Insurance Plans Online

Finding the most affordable Medicare Supplement Plans for your unique situation involves getting Medicare supplement quotes from multiple companies. Remember, Medicare Supplement Plans are only available to people who already have Original Medicare. It is designed to be a supplement for Medicare Part A and Medicare Part B but does not provide the benefits that Medicare Part C provides. Additionally, it does not offer prescription drug plans, which are part of Medicare Part D.

Medicare Supplement Insurance is regulated by both federal and state laws, with the same benefits being offered for general plans A, B, C, D, F, G, K, L, M, and N. Each of these basic plans offer the same things from each company that provides them. Because of this, when shopping around the best price is often the one that people go with. It is still a good idea to compare the plan you are considering purchasing with a few other plans. Also, keep in mind that each company itself is different. Look for companies with excellent customer service and fantastic tools and resources. Also keep in mind, that not every company will offer every type of plan. Research the kind of plan that you want, and fun look for companies that have the one you are seeking. Choosing a health insurance provider that you trust is essential.

Outside of this basic list, some states offer a type of Medigap policy called Medicare SELECT. Medicare SELECT is supplement insurance which may require you to use in-network hospitals and doctors.

Regardless of which type of plan you select, you will want to get Medicare quotes for Medigap insurance.

Tips:

  • Shop Around: There are many companies that offer Medigap plans, so seek out multiple Medicare Supplement quotes for this type of insurance to save.
  • Open Enrollment begins the first day of the month when you are covered under Medicare Part B and are at least 65 years of age.
  • People who are under 65 years of age can check with the Social Security Administration in their state to see if they qualify.
  • For people considering Medicare Advantage, keep in mind that you will not be able to use Medigap coverage to supplement this plan.